Things seem to be getting worse for the Ripple XRP price. The cryptonews today show that Tether overcomes XRP as the third largest altcoin on the market. The stablecoin has been performing well and even though it is pegged to the $1 mark and used in exchange for fiat US dollars to help investors get into crypto, it still has a larger market cap than the Ripple cryptocurrency now.
Meanwhile, XRP has earned itself a negative reputation in the crypto space for many reasons. For one, the asset is among one of the worst performers in the past two years and some of the most diehard crypto evangelists have lost hope in the XRP price – saying that the asset is not centralized enough to stand alongside the likes of Bitcoin and Ethereum.
Thanks to yesterday's crypto drop, Tether has officially flippened Ripple
Tether supply: $9.018 billion
XRP market cap: $8.617 billion— Alistair Milne (@alistairmilne) May 22, 2020
The latest crypto market crash caused more separation between XRP and Bitcoin and Ethereum. Now standing between the top two ranked crypto assets and XRP is the controversial stablecoin Tether.
As Tether overcomes XRP, the story of it used by crypto investors and traders as a safe haven for capital gets even more promoted in the altcoin news. In times of downturns or especially turbulent volatility, people convert their assets to Tether (USDT) in order to avoid losses and keep their dollars in place. This fiat-tied stablecoin keeps capital consistent, rather than exposed to the wild swings of top crypto assets.
After several years of bear market conditions, the Tether (USDT) market cap has ballooned to around $9 billion because of high demand, while the XRP market cap has steady declined to now under $8,8 billion. Even though the difference is small, the fact that Tether overcomes XRP shows that investors are still looking to normalize their US dollar investments in times of cryptocurrency market volatility.
All of this still may change quickly as the illiquid assets have long been oversold. However, the XRP news today shows that the altcoin may rebound and retake the third-place only if it strengthens its momentum and is backed by enough investors to trigger a new bull run.
The current Ripple XRP price is at $0.1997 without any changes up or down.
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